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illuminem summarizes for you the essential news of the day. Read the full piece on Utility Dive or enjoy below:
🗞️ Driving the news: The Integrity Council for the Voluntary Carbon Market (ICVCM) announced that carbon credits issued under existing renewable energy methodologies will not qualify for its Core Carbon Principles (CCP) label
• The decision impacts about 32% of the market, representing 236 million unretired credits
🔭 The context: ICVCM determined that eight renewable energy methodologies were insufficiently rigorous, particularly in assessing whether projects could have proceeded without carbon credit revenue
• Only 3.6% of the market's unretired credits met the CCP label's stringent evaluation criteria
🌍 Why it matters for the planet: This move aims to increase trust in the voluntary carbon market by ensuring that carbon credits represent real and verifiable climate impact
• Stricter standards can help drive meaningful investment in genuine emissions reductions and support climate goals
⏭️ What's next: ICVCM will continue refining its standards and methodologies, focusing on high-integrity carbon credits
• The organization has also approved a methodology for methane leak detection projects in lower-income countries, further emphasizing its commitment to credible climate solutions
💬 One quote: “We are taking the tough decisions necessary to build a high-integrity voluntary carbon market that can be scaled to meaningfully fund climate solutions,” said ICVCM Chair Annette Nazareth
📈 One stat: The ICVCM approved only 27 million unretired credits—3.6% of the market—for the CCP label in its latest assessment
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